Europe’s Morning MoneyBeat: Low-key Markets Ahead of Payrolls

European markets are set for a low-key start Tuesday, with the focus firmly on the release of the delayed September U.S. employment report later today.

The nonfarm payrolls figure is a closely watched economic indicator in global markets, and will be examined by investors to see whether the U.S. economy is healthy enough for the Federal Reserve to roll back its stimulus program.

That said, the likely impact of today’s release is debatable as many investors now think the effects of the government shutdown and the debt ceiling fiasco may prompt the U.S. Federal Reserve to keep its bond-buying program in place until next year.

December FTSE futures are suggesting losses of around 12 points, at 5:55 GMT, and with little in the way of a lead from Asia this morning or from Wall Street last night a quiet start is likely.

Australia Shares Rise to Five-Year High: The Australian share market hit a fresh five-year high Tuesday as BHP Billiton jumped after a strong quarterly production report and improved iron-ore production guidance.

French Tax on Intraday Trading Loses Support: Despite previous calls by France’s Socialist government to rein in financial markets, the government’s firm stand against a proposal to tax intraday trading is yet another sign of its waning political will to curb speculative trading, and force the financial sector to significantly contribute to public finances.

Spy Chief Distances Saudis From U.S.: Saudi Arabia’s intelligence chief told European diplomats this weekend that he plans to scale back cooperating with the U.S. to arm and train Syrian rebels in protest of Washington’s policy in the region, participants in the meeting said.

Brazil Moves to Join Other Major Oil Nations: Brazil’s bid to develop its biggest oil discovery and join the globe’s oil exporting majors took a big step forward Monday when the country awarded a consortium rights to explore the find.

J.P. Morgan Aimed to Limit Damage: J.P. Morgan is willing to pay a steep price to settle with the Justice Department, but it is getting one thing it wanted: It won’t have to pay heavy penalties for the sins of two companies it bought during the crisis.

As Netflix Grows, Profit Remains Small: Netflix added 1.3 million U.S. customers in the third quarter, continuing on a pace to surpass Time Warner’s HBO in paying viewers—even as questions remain about the streaming video provider’s profit-growth potential.